Realty development in Bangalore has crossed its limit and has now spilled over to Mysore. And with the city now offering competitive capital values for properties, real estate in Mysore is growing at a fast pace. While many multistorey buildings and luxury township projects are dotting the landscape, its residential plots that are highly sought after. The sudden demand for land here has convinced many locals and investors from Bangalore to invest in properties in Mysore.
The last quarter has witnessed an escalation in demand for plots. Developers along with land owners are now joining hands in joint ventures and are offering plots in all sizes. According to recent reports, on an average developers in the northern region of Mysore sell about 50 to 80 plots every month making the realty market a haven for many long term investors and second time home buyers. Depending on the neighbourhood and its proximity to the main road, capital values of plots here are cited to hover anywhere between the price brand of INR 443 and INR 1,500 per square feet.
Real estate developers too are now tapping in to the demand and are purchasing large tracts of land. Some of the major players have already announced their residential projects while others have purchased tracts of land and are waiting to start constructions. While most of the end users are purchasing inventories in multistorey buildings, NRIs and HNIs are investing in large parcels of residential plots and ultra luxurious villa projects. Neighbourhoods like Bogadi Road, KR Nagar, Saraswathipuram and Bangalore-Mysore Road have many villa projects. Developers are offering those villas at an average price of INR 55 lakhs, however the prices could vary depending on the specifications and facilities offered by the developer.
Infrastructural developments too have helped Mysore resurface as a sought after investment destination. The presence of many IT companies and the construction of a double track railway line connecting Bangalore to Mysore within an hour has roped in a lot of foreign investments. The prospect of developing many roads, expressways, towns and layouts by MUDA (Mysore Urban Development Authority) too has
A number of multistorey buildings have mushroomed areas like Nanjangudi, Vishveshwara Nagar and Hootagalli .The prevailing market rates for 2 BHK apartments in Mysore, especially in these localities are estimated to cost anywhere between INR 2,600 and INR 4,999 per square feet.
Mysore’s serene climate and greenery has made the city a favourable destination for many retired personnel. However, the trend is fast changing and a number of NRIs and locals from Bangalore are now driving the realty demand here. The low cost of living and the availability of various employment opportunities too have brought in a cosmopolitan crowd. And with the city documenting a high scope for property price appreciation, the realty sector of Mysore will grow further.